Ghana’s mobile money float balance reached GHC 22.2 billion in August 2024, a 60.8% increase from GHC 13.8 billion in August 2023
The Mobile Money accounts’ float balance in the country has recorded a remarkable rise surging to hit GHC 22.2 billion in August 2024.
According to the Bank of Ghana’s latest Summary of Economic and Financial Data, this increase to GHC 22.2 billion in August 2024, is from GHC 13.8 billion same period last year (August 2023) representing a 60.8% increase on a year-on-year basis.
The momo float balance refers to the total amount of money that remains in mobile money accounts but has not yet been withdrawn or used for transactions. In essence, they are “idle” cash sitting in accounts, either awaiting future use or held as a form of savings.
The BoG’s data further reveals that the float balance on momo accounts in the country has generally been on a steady rise in 2024.
This trend reveals that more Ghanaians are leaving their money in mobile money wallets rather than cashing out – suggesting mobile money’s acceptance as a secure means of keeping funds.
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The increasing float balance suggests that more Ghanaians are viewing mobile money as a safe and convenient way to store their funds. With the rise of digital financial services, people are opting to leave money in their accounts for future transactions or savings, rather than withdrawing it immediately.
However, it also reveals that a significant amount of money is being underutilized, sitting idle in wallets instead of contributing to economic activity.
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